PNC Technologies피앤씨테크

PNC Technologies is loss-making on a trailing basis after a sharp 2025 revenue drop, and its shares have fallen sharply over the past year.

PNC Technologies makes digital power grid equipment such as distribution automation units, protective relays, and meters, selling mainly to Korea Electric Power and overseas utilities. Trailing twelve-month revenue to H1 2026 was about ₩35.6B, but net income was a loss of about ₩29.9B, while operating income was only ₩0.5B. The share price closed at ₩3,130 on 2026-10-21, near its 52-week low of ₩3,060 and well below its 52-week high of ₩7,450.

What stands out

• Revenue fell 20.5% in 2025 to ₩27.6B, and operating margin dropped to 0.1% from 5.2% in 2024.
• Trailing net loss of about ₩29.9B is far larger than operating income, so the filings point to non-operating or one-off items that the data does not explain.
• Balance sheet is leveraged: liabilities are 154.8% of equity, while cash is ₩5.8B against borrowings of only ₩30M.
• The discounted cash flow model gives a base value of ₩3,268 against the ₩3,130 close, with a bear case of ₩1,677 and a bull case of ₩6,295; this is a model output, not a forecast.
• Recent filings include several executive and major shareholder trading plan reports, a CEO change on 2026-06-30, a completed merger, and multiple lawsuits, with 1-month, 3-month and 1-year returns of -7.7%, -18.3% and -25.8%.

What to watch

• Details of the H1 2026 net loss and whether it recurs, since the data does not explain its cause.
• Outcomes of the lawsuits listed in recent filings and any effect on finances.
• Executive and major shareholder share sales under the trading plans, and any further equity acquisition disclosures.